WEALTHY ex­ec­u­tive

Financial Mail - Investors Monthly - - Cover Story -

James has had an ex­cel­lent ca­reer in one of SA’s largest hospi­tal groups. He is now an ex­ec­u­tive di­rec­tor and at 55 is start­ing to think about step­ping down from his po­si­tion to con­cen­trate on some of his out­side busi­ness in­ter­ests.

He has var­i­ous busi­nesses, mostly run by fam­ily mem­bers who ap­proached him for fi­nanc­ing, and he holds 30% in each through a hold­ing com­pany he set up in Mau­ri­tius. All prof­its from the busi­nesses — which in the pre­vi­ous fi­nan­cial year amounted to US$13.7m — have been in­vested in a fam­ily trust in Guernsey.

Lo­cally a sub­stan­tial amount of his wealth is tied up in his hospi­tal group in the form of stock op­tions and shares cur­rently worth a com­bined R45m. His plans de­pend on the value of his ex­po­sure re­main­ing con­stant.

James is in his sec­ond mar­riage with an an­tenup­tial agree­ment in place and has three chil­dren who are all in­de­pen­dent. He no longer has any fi­nan­cial obli­ga­tions to his ex-wife. He owns two homes out­right that are col­lec­tively worth R5m.

His two main con­cerns re­late to his lo­cal and off­shore in­ter­ests. In SA, he would like to exit his large ex­po­sure to his hospi­tal com­pany while pro­tect­ing its value. In Guernsey, he be­lieves he has not bro­ken any laws as this is what his fi­nan­cial ad­viser at the time told him, but he is not too cer­tain about it and needs le­gal ad­vice on the mat­ter.

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